Archive for August, 2010

Home sales in Lake Orion Michigan are up, average/median prices are down- but not the 28% prices were down last year. The good news for Lake Orion Michigan home owners is that even though prices are dropping, it’s more like a gentle glide than the deadly plummet of the past few years.  For the first 7 months of the year average sale prices are down 8% and median prices are only down 3.8%.

Good news for home sellers. For home buyers it is data that needs to be studied if one is trying to gage the bottom of the market.

What could be the reason for the slow down on the price drops? Could the increase in short sales have something to do with it? The bank owned sales are on the decline and short sale listings are on the increase. There were 91 bank owned sales through the first 7 months of this year and 93 through July of last year. But there were 59 more total closings this year. There were also 49 short sale closings this year compared to 18 for the same time frame last  year. Many home owners in all price ranges are learning of alternatives to foreclosure and one of the more popular alternatives is a short sale.

The bank owned homes tend to be much cheaper (and often time very beat up) and drag down area prices with them. While the median sale price for all sales in Lake Orion Michigan was $146,700 the median sale price for foreclosures was $95,000.

For very detailed, very dry, very complete data for Lake Orion Michigan market conditions please just click this sentence.

Future sales will help show if this is a trend. And for those who are trying to gage the bottom- unless you’re a cash buyer you also need to consider the mortgage interest rates.

Jackie Hawley
Keller Williams Realty
email: Jackie@JackieHawley.com
cell: 248-736-6407

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The Preserve real estate sales, Lake Orion Michigan. The Preserve is a Pulte sub in Southern Orion Township– just west of Baldwin Rd on the north side of Waldon Rd. The Preserve is a desirable The Preserve Lake Orion Michigan real estate and homes for saleneighborhood with most of the houses built in 1996 through 1998 with prices ranging at that time in the $200’s but with an occasional home selling in the low $300’s and a couple selling for just under $200,000. Most of the homes in The Preserve are 2 story homes with a few ranches in the sub. At the entrance is a club house with a swimming pool, tennis courts and a play ground area. The sub also boasts a small lake, sidewalks, Detroit water and sewer.

The Preserve has excellent location with easy access to I-75 and a The Preserve Lake Orion Michigan real estate and homes for salestone’s throw to Costco and Meijer. The Preserve is walking distance to Waldon Middle School and only about 5 minutes from Lake Orion High School

Also within minutes of The Preserve are Civic Center Park on Joslyn Road near the Orion Township Hall. Civic Center Park offers a nice playground, seven soccer fields, four baseball/softball fields, a sand volley ball court and two basketball courts. Picnic areas with grills are also available. Friendship Park is at the corner of Clarkston and Baldwin Roads- a 137 acres park with a large play structure, two full size soccer fileds and four baseball/softball diamonds.

Over on Joslyn Road- about 5 minutes from The Preserve– it’s Canturbury Village Lake Orion MichiganChristmas year ’round at Canterbury Village. Orion Oaks Park which includes a bark park runs between Joslyn and Baldwin Roads, south of Clarkston Road, and Bald Mountain Recreation area covers about 4600 acres.

In 2005 home prices ranged from $287,000 – $372,000. In 2003 and 2004 a couple homes sold in the low $400’s. In 2009 prices ranged from $211,000-$260,000 – the most expensive house in 2009 sold for less than the cheapest house in 2005. So far in 2010 prices range from $180,000 – $285,000. Many houses are selling for less than they sold for new in the mid to late nineties, and many of those houses have been updated since they were built. Updates like finishing the basement or updating kitchens. Of the 6 houses that sold in 2009 all had finished basements, none were banke owned, and only one short sale

2 houses were leased through the MLS in 2009 for $1500 and $2150.

On 7-14-2010 there was 1 active listing in The Preserve– a regular sale (not a short sale or bank owned) asking $314,000.. There were also 3 pending sales – 2 short sales asking $155,000 and $211,000 and a regular sale asking $300,000. No lease listings are showing in the MLS as pending or active.

Jackie Hawley
Keller Williams Realty
Cell: 248-736-6407
Web: www.MiRelocation.com
Search the MLS
About Short Sales and Foreclosures- Buyers

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Maceday/Lotus Lakes- Clarkston and Waterford Michigan Lakefront Real Estate Sales

Maceday and Lotus are both all sports lakes and are connected for maceday lake waterford michigan lakefront real estatea total acreage of 419 acres. Maceday Lake is located in Waterford Michigan. The majority of Lotus Lake is located in Waterford Township, but the northern tip falls into Independence Township (more commonly known as Clarkston). There is a public access site at Williams Lake Rd. just east of Maceday Lake Rd.

Maceday and Lotus Lakes are all sports lakes– great for the water skier or jet skier in the summer and snowmobiler in the winter.

For the fisherman, Maceday Lake is a designated trout lake and was stocked last fall with 1,000 lake trout and with some of the fish being up to 18 inches long and ranging in age from 2-4 years. Maceday Lake was also stocked with 12,000 rainbow trout last year and another 12,760 rainbow trout earlier this year (April, 2010). It was stocked with 15,000 splake (brook trout/lake trout cross) in March of 2009 and 13,300 in April of this year.

Of the 12 sales showing in the MLS for 2009, 3 were bank owned and 3 were short sales. When I checked a couple weeks ago for 2010 there were 5 closed sales reported with only 1 bank owned, but 3 short sales. Sales this year were ranging from $100K-$435K. in 2005 sales ranged from $245K- $1,150,000. Also keep in mind that there were probably some sales back in 2005 that sold by owner, or were reported as $1 so wouldn’t have shown up in my searches.

For more detailed information about current and past sales please visit my web site page solely dedicated to Maceday and Lotus Lakes.

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Southeast Michigan Home Buyer- How to Calculate Your New Property Taxes

Right now in Oakland and Lapeer County Michigan many houses are assessed higher than their true market value. Many home buyers are under the false assumption that they will only be stuck with that tax for the first year. That the new assessment will be half the sale price. This is not correct!

When I show you houses, one of the sheets attached to the listing is the public record report for the house that is available through our southeast michigan real estate property taxesMLS. This public record sheet (or PRD) will give the taxable value and the state equalized value as well as the annual tax amount.

The taxable value is the number used to calculate your taxes. The taxable value times the millage rate equals your annual tax bill.  Upon transfer of deed (sale) the SEV will become the new taxable. In this market there’s a good chance the SEV will be higher than half the sale price.

I showed a house the other evening that is listed for $278K. The SEV and the taxable are both $163,610. Multiply that by 2 and you will be taxed like your house is worth $327,220. That is going to make a difference on your monthly payment.

This isn’t to say your assessment won’t drop next year– state law states that the assessed value is to be one half of the assessor’s estimate of market value of your property and that the taxable value has to be less than or equal to the assessed value. And once ownership is transferred and a new taxable in place, that taxable value is capped at 5% or the rate of inflation- whichever is less.

Many townships are dropping assessments across the board. The house in the above example was assessed at $198,670 in 2006 and has dropped each year since. You may also fight your assessment through your township and appeal to the state if you are not satisfied with the results.

For the purpose of determining what your costs will be when purchasing a home, you should figure the worse case scenario and figure your new payments based on a tax amount that uses the SEV plus 5%. When your taxes end up lower- treat yourself! Or put it against the principle of your house.

Jackie Hawley
Keller Williams Realty
cell: 248-736-6407

web: www.MiRelocation.com
Search The MLS

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